Regulatory Analysis
The Minnesota Department of Revenue has revised Fact Sheet 2, W-2 and W-2c specifications for tax year 2018. The main update to this publication is the addition of W-2c filing information. The following information has been updated from the prior year’s version: W-2c information will not be submitted in the same manner as W-2 information. The […]
The Vermont Department of Taxes has published a memo regarding the interest rates for overpayments and underpayments of taxes for calendar year 2019. This past year, the overpayment annual interest rate was 4%, and will increase to 4.75% for 2019. This past year, the underpayment annual interest rate was 6%, and will increase to 6.75% for 2019.
Puerto Rico will postpone many forms of tax reporting payments, including reports and payment related to W-2s and withholding, in the month of December 2018. Reports and payments due between December 6 and December 20 will be due December 21. Puerto Rico is delaying payment and reporting as it rolls out its new SURI tax […]
The IRS has published Notice 2018-94, which intends to announce the deadline extension for some 2018 information reporting obligations by insurers, self-insuring employers, and other providers of minimum essential coverage under IRC § 6055 and four applicable large employers under § 6056. Specifically, this notice extends due dates for 2018 Forms 1095-B and 1095-C from January […]
The Pennsylvania Department of Revenue has updated the General Information and Specifications for W-2 and PA W-3 Quarterly Filing. As a reminder, Pennsylvania no longer accepts W-2s and 1099s on CD. The following changes have been made to the publication: First, Instructions have been added on uploading W-2s to e-TIDES and REV-1997 Annual Withholding Reconciliation […]
Connecticut recently released instructions and specifications for reporting income from tax-exempt instruments. The specifications themselves have not changed, but the instructions for reporting have been revised as detailed below: The address for sending reports has not changed, but the reports should now be sent to the attention of “2018 TEI Data Submissions.” Similarly, the contact […]
The State of Michigan recently passed a law (Public Act 118 of 2018) that requires wage statements such as Forms W-2, W-2G, 1099-R, and 1099-MISC to be submitted to the state on or before January 31, 2018. This change was made to match Michigan’s deadline to both that of the Michigan Department of Treasury’s and the […]
On November 28, 2018, the 7th Circuit Court of Appeals issued a ruling in Lebamoff v. Rauner, reversing a lower court grant to dismiss the case. It involves an action by an Indiana wine retailer to challenge a law in Illinois that permitted in-state retailers to ship wine to any Illinois resident, while prohibiting out-of-state […]
The IRS has issued Notice 2018–231, which is intended to remind filers of the January 31 due date for Forms W-2, Forms W-3, and Forms 1099-MISC reporting non-employee compensation in box 7. This due date change was introduced pursuant to the PATH Act of 2015. These forms must be filed correctly and timely in order to […]
The IRS has published Notice 2018–91, explaining the 2018 required amendments list for individually designed qualified retirement plans. The purpose of this notice is to provide information on the remedial amendment period for a disqualifying provision arising as a result of a change in the qualification requirements. This period is extended to the end of the […]
The North Carolina Department of Revenue has updated its eNC3 Frequently Asked Questions. The following information has been added: Filers must submit NC-3 electronically. A new $200 penalty will apply for the 2018 Tax Year for failure to file in the format prescribed by NC DOR on any NC-3 that is not filed electronically or does […]
The Connecticut Department of Revenue Services (DRS) has published IP 2018(12): Forms 1099-R, 1099-MISC, 1099-K, and W-2G Electronic Filing Requirements for Tax Year 2018. There are several changes to these specifications: This publication now applies to all 1099-K filings – the due date for these filings is no later than 30 days after filing them with […]
The Connecticut Department of Revenue Services has published a new version of Form REG-1, Business Taxes Registration Application. This form should be completed by any business registering for Connecticut taxes, including income tax withholding. There have been no changes to this form compared to its previous version from June 2018. However, filers should use this version […]
The Louisiana Department of Revenue has released its Fourth Quarter Employer’s Return of Louisiana Withholding Tax Form L1, for the months of October, November, and December, which is due to the Department by January 31, 2019. Every employer who is required to withhold Louisiana state income tax is required to file this return on a quarterly basis, […]
The North Carolina Department of Revenue has published its annual revision of Publication NC-30, 2019 Income Tax Withholding Tables and Instructions for Employers. There are several changes of which filers and taxpayers should take note: The individual tax rate has been decreased to 5.25% The definition of “wages” has changed, effective June 12, 2018, to align […]
On November 1, 2018, Decree 119/2018/ND-CP took effect in Vietnam. Pursuant to this decree some businesses may be required to switch to e-invoicing upon notification by the tax authorities. However, e-invoicing will not be mandatory until November 1, 2020.
On November 15, 2018, Arkansas House Bill 1002 was filed and introduced in the Arkansas legislature. This bill if passed will require certain out-of-state sellers to collect and remit Arkansas sales and use tax. The bill imposes a threshold similar to many other states throughout the country, which obligates remote sellers who sell either $100,000 […]
The Colorado Department of Revenue has updated their guidance for out-of-state retailers regarding the new destination sourcing regulations that will go into effect on December 1, 2018. The Department of Revenue is offering a grace period to out-of-state retailers through March 31, 2019 to comply with the new destination sourcing rules. Previously, this grace period […]